- Anthony Scaramucci’s SkyBridge Capital confirmed its planned tokenization of $300 million assets via the Avalanche chain.
- The company has partnered with Tokeny for the venture.
SkyBridge Capital, an alternative asset manager and investment adviser, revealed its plan to adopt blockchain solutions to manage its assets. According to Anthony Scaramucci, the company’s founder and managing partner, they are looking to tokenize $300 million worth of assets on the Avalanche (AVAX) chain.
The Avalanche chain currently holds $187.91 million worth of tokenized RWA (real-world asset) based on RWA.xyz data. SkyBridge Capital’s infusion would raise its RWA value by roughly 160% to $487.91 million.
A “Significant Step Forward” for SkyBridge Capital
Tokeny, an onchain finance platform under the Apex Group, will serve as SkyBridge Capital’s partner for the tokenization venture. Under the collaboration, Scaramucci’s firm will tokenize two funds. One will comprise non-security assets like Bitcoin (BTC), while the other will be the “fund of funds,” including venture and cryptocurrency assets.
Scaramucci considers the deal a “significant step forward” for modernizing the alternative investment landscape. Additionally, he emphasized that digitizing their hedge funds will enhance their transparency, liquidity, and accessibility for investors. He claimed that the move will prove that traditional finance (TradFi) can leverage blockchain to create more innovative and efficient investment solutions.
RWA Tokenization and the Broader Market
RWA tokenization involves converting ownership rights of tangible or intangible real-world assets into digital tokens via blockchain. It enables the assets to be traded, managed, and fractionalized on digital platforms, boosting their liquidity and accessibility for investors.
RWA tokens merely contribute $26.42 billion to the $3.83 trillion crypto market cap. Meanwhile, stablecoins have a $267.72 billion slice in the overall value of the crypto market.
An Indication of RWA Going Mainstream
Daniel Coheur, Global Head of Digital Assets at Apex Group and Co-Founder of Tokeny, stated that the milestone demonstrates how Apex Group and Tokeny are ahead in breaking down the operational and technology barriers in institutional tokenization. Given the right technology, qualified operators, and regulatory clarity, he explained that tokenization at scale is happening now.
Moreover, John Wu, President of Ava Labs, noted that the latest developments indicate the arrival of RWA tokenization in the mainstream market. He sees the partnership with SkyBridge Capital as a stamp of validation for its status as a major player in the field.
Furthermore, Avalanche pointed out that its EVM (Ethereum Virtual Machine) compatibility and scalability make it an ideal platform for bringing money market funds, private credit, and other traditional assets on-chain. This would usher in more distribution channels, utility, and blockchain-native products and services.
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